Rising urbanization along with industrialization, and development in building and mining operations worldwide, are all expected to contribute to a large increase in the worldwide off-road vehicle market over the projected period
Wilmington, Delaware, United States, June 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global off-road vehicle market is likely to garner a steadily expanding CAGR of 5.1% from 2022 to 2031. In 2021, the market for off-road vehicles was estimated at US$ 762.8 billion, and by the end of 2031, it is anticipated to reach US$ 1.3 trillion.
The demand for off-road vehicles is rising because of the increasing acceptance of off-road sports and the requirement for durable, portable equipment. Off-road vehicles are also anticipated to have positive development due to their wide range of customers in the agricultural, construction, mining, and other industries.
Cheap maintenance expenses, decreased fuel consumption, and affordable insurance charges will also aid the demand for these cars in the construction sector. Usage of agricultural tractors as well as equipment is expanding globally, boosting the off-road vehicle industry
Government officials have increased funding for the construction of new off-road paths, which might be valuable for leisure enthusiasts and promote adventure sports across the world since highways and other major thoroughfares are off-limits to ATVs and UTVs. Businesses are concentrating on releasing new items with enhanced features in order to draw in more clients and establish a competitive edge in the global market.
The market for off-road vehicles will see new growth potential due to recent technical advancements including electric drive trains. Electric off-road vehicles are becoming more and more popular due to increased worries about emissions, which will boost the off-road vehicle market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 762.8 Bn | |
| Estimated Value | US$ 1.3 Trn | |
| Growth Rate – CAGR | 5.1% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 220 Pages | |
| Market Segmentation | Application, Fuel Type, Engine Size | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Caterpillar Inc., Deere & Company, KUBOTA Corporation, Valtra Escorts Limited, YANMAR CO., LTD., CLAAS KGaA mbH, Mahindra & Mahindra Ltd., Hitachi, Ltd., SAME DEUTZ-FAHR Italia S.p.A., AGCO Corporation, AB Volvo, Doosan Infracore, BELL Equipment., Liebherr- International AG, Komatsu America Corp., CNH Industrial America LLC, ALLU Finland Oy, Manitowoc, Terex Corporation | |
Key Findings of the Market Report
- Off-road vehicle market potential is anticipated to be lucrative as a result of industrialization, urbanization, and rising import-export activities.
- Mining equipment including shovels, haul trucks, loaders, and draglines are in great demand. Because of development, there are more building sites everywhere.
- Several governments, particularly those in emerging nations, are making large investments in programs for industrial growth.
- Another significant driver of market growth is the extensive use of contemporary off-road vehicles in oil and gas exploration operations
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The Global Market for Off-road Vehicles: Prevailing Trends
- The construction and mining industry is predicted to dominate the worldwide off-road vehicle market in terms of application. The market for construction and mining equipment is being driven by an increase in advancement of infrastructure initiatives throughout the world.
- The marketplace for construction equipment is being driven by urbanization and the expansion of the construction sector. Off-road vehicle market share globally is benefiting from this. Metals and minerals that are extracted from their ores are in greater demand.
Global Off-road Vehicle Market: Regional Outlook
- In 2021, the off-road vehicle market was dominated by Asia Pacific. The expansion of industrialisation in the area’s major nations is expected to help the region retain its supremacy in the near future. Market expansion is anticipated to be fueled in the coming years by infrastructure development in nations like India, China, and South Korea.
- The need for construction equipment is rising, and the agriculture industry is expanding at the same time, which is boosting the market in the area. In Asia Pacific, a number of countries are providing financial aid for the purchase of tractors and other agricultural equipment.
- The size of the North American off-road vehicle market is expected to develop during the projected period, owing to considerable expansion in the region’s construction as well as mining industries. The United States is a well-known manufacturer of construction equipment.
- The expansion of the North American market is also being aided by an increase in off-road vehicle manufacturing in the United States.
Global Off-road Vehicle Market: Key Players
Some of the key players in the global off-road vehicle market are:
- Caterpillar Inc.
- Deere & Company
- CLAAS KGaA
- Valtra GmbH
- Escorts Limited,
- KUBOTA Corporation
- YANMAR CO., LTD.,
- Mahindra & Mahindra Ltd.
- SAME DEUTZ-FAHR Italia S.p.A.
- AGCO Corporation
- Doosan Infracore
- AB Volvo
- BELL Equipment.
- Hitachi, Ltd.
- Liebherr- International AG
- CNH Industrial America LLC
- Komatsu America Corp.
- ALLU Finland Oy
- Terex Corporation
- Manitowoc.
Some developments by the key players in the global market for off-road vehicle are:
- Polaris introduced a brand-new RZR (R) Pro R Sport ATV version in India in August 2022. The new ATV is equipped with a potent 1997 cc 4-stroke DOHC straight four-cylinder engine that can produce 225 horsepower at its maximum output.
- Arctic Cat unveiled its latest Alterra 600 ATV in 2022 in four distinct trim levels. Arctic Cat revealed a new ATV in April 2021 as a component of its lineup for the model year 2022, which will go on sale at dealerships in July. With more power, more responsiveness, and simpler maintenance, the all-new Alterra 600 EPS boasts an entirely new engine, gearbox, and chassis. The introduction of the ATV marks Arctic Cat’s 60th year of introducing cutting-edge goods to the power sports market.
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Global Off-road Vehicle Market Segmentation
Application
- Construction and Mining
- Excavator
- Loader
- Dozer
- Articulated Dump Truck
- Rigid Dump Truck
- Motor Scraper
- Motor Grader
- Agriculture
- Tractor
- Other Agriculture Equipment
Fuel Type
- Diesel
- Gasoline
Engine Size
- Less Than 100 HP
- 100-200 HP
- 201-400 HP
- Greater Than 400 HP
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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